CommerceIQ turns unicorn with $115 Mn round led by SoftBank

Retail e-commerce management platform CommerceIQ has raised $115 million in its Series D financing round led by SoftBank Vision Fund 2. The round also saw participation from all existing institutional investors: Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group.

The new funding follows CommerceIQ’s $60 million Series C round in June 2021, bringing total funding in the last 12 months to $175 million. According to the company, it has raised the fresh proceeds at a valuation of more than $1 billion. 

This investment will be used to expand CommerceIQ’s business globally and to accelerate the development of its unified retail e-commerce management platform, said the company in a statement. A significant portion of the funds will also be used for hiring in India, including expansion across software development, data science & analytics, product operations, and customer support.

As per the company, it employs over 150 people out of its Bengaluru office and is expected to nearly double that by the end of the year.

CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping brands gain shoppers at the moment of purchase and maintain customer loyalty. Its unified platform applies machine learning and automation across marketing, supply chain, and sales operations to help brands boost share-of-voice (SOV), minimize out-of-stock (OOS), and prevent revenue leakage. 

The company claims that Nestle, Kellogg’s, Mondelez International, Colgate, Whirlpool, and more than 2,200 consumer goods leaders use its platform to grow their market share and profitability.

CommerceIQ has joined the likes Amagi, Hasura, LEAD, Mamaearth, Fractal, DealShare, Darwinbox among others that have also gained unicorn status in the ongoing calendar year. This is the second startup that has turned unicorn in 2022 after a round raised from SoftBank. Last month, kirana commerce platform ElasticRun became a unicorn after scoring a $300 million funding round from the Japanese tech giant.